GA Real Estate Exam Practice Questions and Correct Answers
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Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA Real Estate Exam Practice Questions and
Correct AnswersGA Real Estate Exam Practice Questions and
Correct AnswersGA Real Estate Exam Practice Questions and
Correct AnswersGA Real Estate Exam Practice Questions and
Correct AnswersGA Real Estate Exam Practice Questions and
Correct Answer...
GA Real Estate Exam Practice Questions and
Correct Answers
When applying for a loan, what is a fixed rate?
✓ ~~~ A loan that has a predetermined repayment interest rate
What act prohibits discrimination based on race or color?
✓ ~~~ Civil Right Acts Of 1866
What is the financial document that contains a written promise to fulfill a certain
payment?
✓ ~~~ Promissory note
What is the term used to describe the act of replacing an existing mortgage with
another?
✓ ~~~ Refinancing
What are not examples of an appurtenant right?
✓ ~~~ Furnace, swimming pool, air conditioning etc.
What is the name given to the banking option that allows a customer to deposit a
specified amount for a predetermined period of time?
✓ ~~~ Certificate of deposit
If a seller nets $225,000 after paying a 10% fee, what was the total he received?
✓ ~~~ $225,000/(1-0.1)=$250,000
What is the name given to the rate earned for borrowing or an investment per year?
✓ ~~~ Annual percentage rate
Other than buying a home using traditional channels, what other methods can a
prospective owner use to buy a home?
✓ ~~~ Public auctions
What is the reviewing of a borrower's credit worthiness prior to loan approval?
✓ ~~~ Pre-qualification
,What is the document that is used to transfer legal rights to act in the interest of a
person?
✓ ~~~ Power of attorney
What type of listing only guarantees commission for a sale within a specified period?
✓ ~~~ Exclusive listing
Exclusive listing-listing between seller and agent that commission can only be
earned when sale is made within specified time.
what type of brokerage mandates that the broker acts in the best interest of the
buyer?
✓ ~~~ Single agency
What is the name of a transaction where both the buyer and seller are seeking the
best deal?
✓ ~~~ Arms-length transaction
What is the name given to modification of billing calculation dates?
✓ ~~~ Adjustment dates
This is the changing of a date where calculations of items such as property taxes,
rent and damage deposits are done.
What is the name of the mortgage that is transferred by the seller to the buyer?
✓ ~~~ Assumable mortgage
Buyer absorbs the seller's remaining debt instead of taking out new mortgage.
What is the contract that secures a future transaction?
✓ ~~~ Call option
What does an exclusive listing contract need to be considered valid?
✓ ~~~ Specified expiration date
What is it when another state recognizes your real estate license?
✓ ~~~ Reciprocity
Allows agents to obtain a real estate license in another state by taking the reciprocal
state's exam.
Which of the following is not a fiduciary duty?
-Accounting
-Confidentiality
-Obedience
-Privacy
, ✓ ~~~ Privacy
What are contingencies as used in real estate?
✓ ~~~ Conditions that must be met by both the buyer and the seller before closing
Who is a co-borrower?
✓ ~~~ Any individual whose name appears on the loan document
What is the name given to a loan taken out to finance construction?
✓ ~~~ Construction loan
What is the name given to the inspection done by the buyer before closing?
✓ ~~~ Final walkthrough
What is the name given to a mortgage whose interest rate does not change
throughout the payment period?
✓ ~~~ Fixed mortgage rate
What is defined as the percentage owned by the buyer after making down payment?
✓ ~~~ Loan to value ratio
What is the cash on cash return of a $60,000 investment that generates $1,000 in
monthly cash flow?
✓ ~~~ ($1,000x12)/$60,000=0.2
What is the term used to refer to the responsibility one individual has for the acts of
another?
✓ ~~~ Vicarious liability
What is the name given to a form used to explain the role of an agent in a real estate
transaction?
✓ ~~~ Agency disclosure statement
A number of brokers agreed on a set standard commission. What antitrust law are
they guilty of violating?
✓ ~~~ Price fixing
Which government agency is responsible for determining the status of an
independent contractor?
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